original version of this post was written by Al Khaleej - Abir Abu Shamala
Quawasmi, co-founder and Managing Director of Eureeca sat down with Abir Abu
Shamala of Al Khaleej to discuss the recent license Eureeca received from the
Dubai International Financial Centre. He outlines how it has opened channels of
investment between Europe, Middle East and Southeast Asia.
following is a translation of the interview:
has the company grown since its inception?
Since the launch of
Eureeca, it has grown into an active investor base of 12,000 active investors
from 42 countries with an average investment size of $5,900. He also
highlighted the $400,000 self-funding round Eureeca were able to raise in 12
days, and the partnership they have made with American International Group.
is the importance of obtaining a license from the Dubai International Financial
It was the first
crowdfunding license in the region, and allowed Eureeca to open a
representative office in the Dubai Financial Centre. It was Eureeca's fourth
license, making us officially a global platform that enables future investors a
much wider umbrella of investment protection mechanisms, as well as allowing us
to promote our products and services.
will this license support your plans for future growth and what goals
would you like to achieve?
The DFSA license
consolidates the company’s position as the most regulated global equity
crowdfunding platform, and opens a channel of investment opportunities between
Europe, the Middle East and Southeast Asia. Eureeca is now officially a
multi-regulated platform as we are awarded licenses from the UK Financial
Conduct Authority, the Malaysian Securities Commission, the Dutch Authority for
the Financial Markets and the Dubai Financial Services Authority.
are the main expansion challenges facing Eureeca, especially within the legal
and technical aspects?
The equity crowdfunding
sector needs to be developed in a safe and sound manner, with regulations,
supervisory frameworks, consumer protection and more. Eureeca is working
closely with regulatory authorities and governments in the
Middle East in order to guarantee the progress of the sector, steer it in
the right direction and in the most appropriate legal framework.
does Eureeca help SME's and startups, and what do you guarantee investors?
factors in the Middle East is still under development. Say we look at network
shares which are considered an important source of capital for emerging
companies in the West, we find that it is still fledgling here in the Middle
East. Also Eureeca does not
guarantee any returns for investors, but only a stable platform for
entrepreneurs and investors to use.
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Source (Arabic only)